© Copyright 2000 By Diana
Pemberton-Sikes
As the owner of a business ideas website, I'm
often asked, "What's the 'best' business to start?"
The answer: The one that best suits your needs.
Obviously this will be different for everyone. But let me give you some
questions to ask yourself before beginning ANY new venture. I'll use the "Who,
What, Where, When, Why?" approach:
WHO Am I?
Knowing who you ARE is as important as knowing
who you ARE NOT. If you're a mild-mannered librarian from Metropolis, for
example, then you are not a Las Vegas showgirl.
Obviously, right? Yet as apparent as this
seems, I still see people start businesses or jump on business opportunities
that have nothing to do with who they are or what they know. Starting a new
venture is challenging enough without complicating the issue by tackling a
product or service you know nothing about. Give yourself a fighting chance:
stick with the familiar.
WHAT Do I Want?
Determine what you want to get out of the
effort. Do you want to:
-
Get out of the house and earn an extra few
hundred dollars of "mad money" every month?
-
Replace your current income so you can tell
your boss to take a hike?
-
Make more money than you've ever made in your
life?
Each one is going to require a different level
of time and commitment. For some, a pre-tested business opportunity template may
fit the bill. For others, a start-from-scratch business may be the only way to
go. Take your time to investigate; there's a lot available either
way.
But be realistic. If you work full time, have
kids to chauffer around, a house to run, and other duties besides, then you'll
need something you can fit into your hectic schedule. If you're retired and
looking for a way to fill your time and meet interesting people, you may want
something completely different.
WHERE Am I Now?
A lot of people jump into businesses before
they're really ready. It's easy to do, especially if you find something you
really like and are trying to get a way from something you really hate, like a
boss or a commute or co-workers. Still, it's important to think the matter
through, and DO YOUR HOMEWORK.
You know, the old Research and Development
thing.
If you're looking for some "mad money" and the
extra income is optional, then trying a few different business opportunities to
see what suits you best may be the way to go. But if you're going to rely on the
income (as in replacing your current job), you'll need to take a more serious
approach to the matter. Take the time to find what suits you. Learn what you
need to know. LOOK BEFORE YOU LEAP.
If you fail to plan, you're planning to fail.
Know what you'll need BEFORE you get started, or you'll waste time, energy, and
money in a desperate attempt to get the thing going.
WHEN Can I Get
Started?
Now having told you to research and plan, don't
use that as an excuse NOT to get started. Don't wait until the kids are grown or
you retire or after your vacation or until next year. Start NOW. Read, digest,
learn. Begin to narrow down the ideas that are best for you. Get to understand
the "big picture" of what it takes to run a business. Start some market
research. Do SOMETHING.
As Confucius said, "A journey of a thousand
miles begins with the first step." Take it. You'll reach your destination that
much sooner.
WHY Look At The "Big
Picture"?
Most people who start businesses don't come
from a business background. They're good at some THING, so they start a business
based on their talent or skill. Nothing wrong with that. But keep in mind that
the product is only PART of the business equation. To have a SUCCESSFUL venture
you need:
-
A target market with money
-
A product the target market
wants
-
A way to tell them about it
(marketing)
-
A way to get it to them
(fulfillment)
-
A way to manage the process
(administration)
-
A way to maintain the process
(maintenance)
-
A plan for doing all the
above
Put you ego aside and be honest with yourself.
Identify your strengths and weaknesses. If you have zero marketing skills, learn
to market or find someone who will do it for you. If bookkeeping gives you
hives, find a competent accountant or bookkeeper. If you're not sure how to get
started, read books or find a mentor. Try your local SCORE
chapter.
Whatever you do, DON'T just ignore the parts of
your business that aren't as interesting to you as the others. I've seen too
many disasters by people who have done this. If you know you're not going to do
something that needs to be done, own up to it from the start and find someone
who can help. It may cost you some money-but it will probably be a lot less than
leaving the thing undone.
HOW Do I Get Started
Imagine the perfect business for
you:
-
What would you be doing? Playing golf? Cooking?
Unearthing dinosaurs?
-
Where would you work? At home? Out of a
suitcase? On the stage?
-
When would you work? At night? When the kids go
to school? October through March?
-
Why this line of business? Fulfill a childhood
dream? A favorite hobby? It's all you know?
-
How much money would you make each month? $500?
$5,000? $50,000?
Now that you've imagined the perfect business,
go make it happen! The "perfect" opportunity is not going to find you -- you
have to find it or create it for yourself if it doesn't exist. It's not
impossible. In fact, once you get started, you'll discover how easy it can be
and wonder why you didn't get started sooner.
So what is the "best" business to
start?
Considering your interests, abilities,
commitments, dreams, and income expectations, the "best" business is the one
that best suits your needs.
|
"Most successful men have not achieved their
distinction by having some new talent or opportunity presented to them. They
have developed the opportunity that was at hand."
--Bruce
Marton |
